I want to re-share a post I wrote in November of 2009 with details about how I got started in the domain investment business. There are two reasons why I want to share this article with you again.
The first reason is that it’s a question I am frequently asked, and I often send people to this post when they do ask. Secondly (and quite sadly), the person who I credit with pushing me to start my own business was diagnosed with Creutzfeldt–Jakob disease, an incurable and fatal disease.
My parents are visiting with him in California this week, and I want to give a special thanks again to him. If it wasn’t for his advice, I would probably still be a Marketing Manager in corporate America.
How I Became a Domain Investor
I feel like I’ve probably told the story a bunch of times (which I am sure I have), but since a number of people have asked me recently, I want to share the story of how I became a domain investor.
When I was a NYU in 2002-03, I went to help a family friend clean the movie ride curtains at the Empire State Building since I lived less than a block away. For two days, we talked about how expensive the City was – especially for a grad student. My Dad’s friend recommended that I find some sort of product to sell and that I should sell it easily on Ebay. I looked around for a number of things – custom pencils (no margin), art (did some buying and selling) and finally I saw people selling domain names.
I would see names selling for a few hundred dollars, and when I went to Network Solutions, I saw that similar names were available for just $35.00. I bought my first name, and for the life of me I can’t remember what it was. I think it was a legal name with a hyphen. I remember I sold it after two auctions and broke even. Shortly thereafter… Read More
Always sad to hear such news. When these dreadful events occur, all we can do is pray.
Good read Elliot as I was one of the many that asked this recently
Inspiring to read how you flipped and now have a min portfolio of value of around a million bucks probably. Awesome!
What would be a good post Elliot is what would you do if you were to enter the market in 2011 and say with a limited amount of 2k. What would you do today.
@ domainer
My portfolio changes so often, I never think about how much it could be worth.
Good read E, thanks
But…I thought you got your start in domaining in a Puerto Rican strip joint?
@AB
LOL – in case you didn’t notice, go to that post and look at the date.
:)…I know, just busting your balls before I dive head first into a pile of work at the office 🙂
@ Elliot
I agree with Domainer on
What would be a good post Elliot is what would you do if you were to enter the market in 2011 and say with a limited amount of 2k. What would you do today.
Any chance of this kind of post?
thanks
@ Jack
The answer is pretty easy for me. I would buy one good .com domain name that I think is worth more than $2k and look to sell it. I would have a back up development plan in mind if I didn’t find a buyer, but I would do as much research as I could to know that the name is worth more than $2k. I would likely ask trusted people for their opinions on the value if I didn’t know for certain it was worth more than $2k.
IMO, too many people look at domain names like lottery tickets, and as such, they think they need to buy a whole bunch of low value names so that they can maybe sell one. I think that’s a good way to 1) register a lot of garbage and 2) Tie up $2k in names that will be tough to sell.
Buy one very good name and focus on finding a buyer for it.